Plans are in place to establish a Cooperative Bank, the Commissioner of Cooperatives ’Maphamoli Lekotje has disclosed. Lekoetje leads a task team mandated to ease the cooperative society movement from commercial banks.
business
June 10, 2019
JUSTICE MAQELEPO
2 min read
Plans underway to form cooperative bank
Cooperative bank
She has over the years proposed and advised how the movement can generate its own resource basis to advance business projections. Earlier this year, the Small Business Development Ministry through the department of cooperatives engaged a Kenyan consultant to train personnel on what constitutes a cooperative bank. After the training, present cooperative society representatives selected a committee to drive the ambition with the ministry.
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Lekoetje told Metro that as soon as the ministry receives the funds allocated for the fiscal year 2019-2020, her department will embark on training towards establishing the bank. After the committee training, she said tours to the district will commence aimed at sensitising other societies because their buy-in is crucial. In the meantime, she said the department will support the committee with all necessary logistics.
But some of the savings and credit cooperatives societies interviewed were not up to speed on how the cooperative bank operates. Some said initially, they were only informed of the plan but were not made aware of any training or committee involved. The manager of Lephola Savings and Credit Cooperative Society Ltd, John Motsoasele said once, he was invited to a meeting last year where the topic was touched. Motsoasele said: "After that meeting, I have never heard anything about that topic until now." Lesotho Co-operative Credit Union League manager, Mohau Nqosa, told Metro that he only received a letter from the ministry, mentioning the topic, also adding that thereafter there has been no feedback.
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